30-year fixed-rate mortgage (FRM) averaged 3.90 percent with an average 0.4 point for the week ending November 9, 2017, down from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 3.57 percent.

15-year FRM this week averaged 3.24 percent with an average 0.5 point, down from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 2.88 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.22 percent this week with an average 0.5 point, down from last week when it averaged 3.23 percent. A year ago at this time, the 5-year ARM averaged 2.88 percent.

I wanted to share some perspective of new home sales and new home construction pipeline for the balance of this year, and the next couple years in the Beach Cities. Check out the short video & feel free to reach out with any questions, or any real estate needs!

If you could live anywhere for a cool one million dollars, where would you choose to live? Taking a peek around the nation, it seems there are all levels of homes available at this remarkable price point. There are so many options for every flavor and season of life. We are so lucky to live in The South Bay where we really have it all. From the breezy beaches, to the wooded paths on the hill, you can truly find what you’re looking for right here!

Have you noticed how many choices you have this Halloween season? Hero or villain. Fantasy or real life. Princess or Knight. Funny or Scary. Even making your next real estate transaction has a list of things to consider before moving forward. Buyers, sellers and renters alike all have the same question: Where do I start? Guiding you through the often cobwebbed maze of options in our beloved South Bay area is quite the feat sometimes, and I would love to help you navigate through any questions you may have.

As this glorious summer comes to an end, it seems to be a good time to reflect on what’s coming next!

Schools are just beginning to get back in session and that means new supplies, clothes, shoes and friends are in store. It could also mean a bit more quiet time at home… well… hopefully! Sure sounds like this could be the perfect time to start making home improvements that will both inspire awe from your holiday guests and raise your property values.

Will There Be a Dramatic Slowdown in the Construction of L.A. Housing?

During the first half of this decade, Los Angeles gained more than 230,000 residents — and just 40,000 new housing units. That exacerbated an already festering housing crisis, which has made L.A. among the least affordable cities in the country.

From busier than usual beach parking to longer lines for dining al fresco, and the slight underlying scent of sunscreen… all the signs of another exciting summer abound. It seems there is fun to be had and it’s all outdoors in an attempt to catch a breeze in this heat!

The rise in temps all around can also be seen cooking up the rising rents in the area! The sales of apartment buildings in the South Bay have nearly tripled recently. Giving the new owners a fantastic reason to do a few upgrades (great for the construction companies!) and therefore pass that cost onto their tenants.

This rise in rental property transactions have been linked to several factors including reality TV renovation shows as well as the soon to be finished NFL stadium. It’s more than likely a combination of a few factors. No matter how you look at it, upgrading current buildings brings a new found inspiration for economic growth throughout the area.

We are now seeing record high selling prices for homes in many markets of California and the nation.

The sky high home values that seemed unbelievable back in 2007 have now been eclipsed in many of the larger markets of the state. The markets in the Bay Area now boast the highest values and record fast sell times.

Demand Conditions

Employment is strong throughout the state. In all coastal counties, the unemployment rate is now at the full employment level, meaning that job opportunities are relatively abundant and wages are rising.

The average rate for a 30-year fixed mortgage was 3.83% this week — significantly below the 5% to 6% range during the 2005 to 2007 “bubble” years.

In fear of facing higher interest rates because of overt statements by the Federal Reserve to push rates higher in a measured fashion, demand for mortgages has increased.

Because consumer confidence in March was at its highest level since 2000, people in general are feeling very confident about their employment prospects, their future income prospects, and the stability of the economy right now.

The financial market composite indices are at or near all time record highs. Households owning financial assets are feeling more wealthy today than during the previous 10 years.

Here in the Beach Cities, spring is in full bloom and there are signs of it all around us.

In real estate markets near and far, growth is abundant and it looks like it will continue that way for at least a bit!

According to National Mortgage Professional Magazine, “… Sky-high potential price gains may be finally prompting more homeowners to sell.” This is fantastic news for sellers and buyers alike. Movement increases inventory. Inventory increases a buyers choices. We all like choices! The unique and distinctive properties available on the market right now are not to be missed!

“Hermosa Beach will temporarily permit residents of commercial areas to rent out their homes to vacationers on sites like Airbnb.com — even as it fights a court challenge to its outright ban on them in most neighborhoods.”